Devotion Capital Management

08/26/2026

I have a bridge to sell you! Er, I mean… a galaxy!?

This kid raised (and lost) billions with this pitch. Meanwhile, Devotion is buying stock for clients in businesses with great balance sheets that generate cash earnings. Quaint notions that always come back into fashion.

Beware hucksters like this! They have always been with us. Different pitches, same result.

A 24-year-old investor hailed as a visionary attracted billions—before turning into Wall Street’s latest cautionary tale.

07/18/2026

https://www.barrons.com/articles/buy-subaru-stock-price-pick-35aaf843?mod=hp_STOCKPICKS_2

The U.S.-listed shares of the cash-rich company look like a bargain, trading below $8.

07/15/2026

Another buyout offer for one of our portfolio companies!

PayPal, the struggling payments processor, rallied in premarket trade on Wednesday on a report that rival Stripe is teaming up with private-equity group Advent International on a bid.

07/08/2026

“That tells you that these companies are afraid… Public companies love good news. If they had good news why wouldn’t they share it? That’s because they only have bad news here (in their AI businesses).”

Ed Zitron joins ‘Squawk on the Street’ to discuss OpenAI, Anthropic...

06/24/2026

It’s always great to wake up to a buyout notification on one of our portfolio companies.

Devotion Capital has only owned shares of InMode (NASDAQ: INMD) for a few days. Talk about quick validation of our value investing approach.

InMode is an Israeli medical device manufacturer focused on minimally invasive aesthetic and wellness procedures. The company is solidly profitable and has a mountain of cash on its balance sheet.

This morning, the company confirmed that its board received an unsolicited, all-cash merger proposal at $16.20 per share, representing a 21% premium to yesterday’s closing price.

The fact that this is an insider-led bid—backed by co-founder and CEO Moshe Mizrahy—provides immediate fundamental validation of the deep value we saw in the business.

That said, we think the offer is a little low.

Capitalizing on hated or overlooked valuations pays off when the market is forced to recognize the value of a rock-solid, debt-free balance sheet and a business trading well below its intrinsic worth.

The stock is up double digits today as the board forms an independent special committee to review the proposal. While the ultimate outcome remains uncertain, one thing is clear: the value was there before today’s announcement.

What we got today is recognition of that value!

We will gladly take the market’s sudden wake-up call on this asset.

Stay tuned…

Disclosure: The author and Devotion Capital clients own shares of INMD.

06/23/2026

No additional comment required…

06/19/2026

Posted today… perfectly said despite the typos!

06/16/2026

SpaceX has captured the public imagination like few companies before it. Its mission is inspiring, its ambitions are extraordinary, and its vision of a multiplanetary future is powerful enough to capture the imagination of almost anyone.

The question for investors, however, is not whether the story is exciting. The question is what price is being paid for it.

When a compelling narrative becomes so dominant that investors stop asking what they are actually getting for what they are paying, history suggests caution is warranted.

Read our thoughts in our newest article, Space X: To Infinity and Beyond or a Pie-in-the-Sky? https://devotioncapital.com/spacex/

In this article, we examine the SpaceX IPO, perceived scarcity, and why valuation still matters—even when a company promises a future that stretches “to infinity and beyond.”

Everybody seems to know that SpaceX went public last week. Space Exploration Technologies Corp (Ticker: SPCX) sold 555,555,555 shares to the public with the help of a gold-plated group syndicate led by Goldman Sachs. Today, the group exercised a greenshoe option that allows them to allocate another....

04/07/2026

Did none other than Michael Burry (think Big Short Movie) just echo our concerns on SBC (share based compensation)?

A Study of the NASDAQ 100 Index & Its Constituents

03/25/2026

Free cash flow is often viewed as a proxy for owner’s earnings. But when that cash is used to offset stock-based compensation, how “free” is it really? Either shareholders fund buybacks or they accept dilution—the cost is paid either way. Pinterest (ticker: PINS) offers a clear example. My latest: When Free Cash Flow Isn’t So Free https://devotioncapital.com/pinterest/